How does the bank determine the APF number?
Developers and builders interested in receiving an APF number on their project submit the relevant property and legal documents to banks for verification. They also submit all the necessary clearances received from the Government authorities.
The bank, then, checks all the documents and clearances. After the bank is convinced of the project’s authenticity and legality, it determines the APF number.
How important is an approved project finance number?
The approved project finance number is the number allotted by the bank to the project. It depicts the fact that the bank is satisfied with the legal authenticity of the project and that the project fulfils all the relevant property guidelines.
It also signifies the fact that if you apply for a loan for a project which has the approved project financial number, your loan would be processed much faster. That is why you should check the approved project financial number of a project before you invest in it.